5 Old Sheppard Ave: A 1974 Tower Where the Fee Covers Almost Everything

5 Old Sheppard Avenue is the kind of building that looks expensive on paper and cheap in practice. The monthly fee is high, but it pays for almost every utility you would otherwise carry, and the suites are bigger than anything a new tower in the area offers at this price. Whether it is a bargain depends entirely on the corporation’s finances. I’m Jatin Dua, RE/MAX Quantum Realty.

A 1970s tower east of the 404

5 Old Sheppard sits in Pleasant View, the residential pocket on the east side of Highway 404 just north of Sheppard Avenue East. It was registered in 1974, in the early years of condominium ownership in Ontario, and it stands 22 storeys with 216 suites.

I could not confirm the original developer or architect, and I won’t guess. What is clear is the product type: a concrete tower with large suites, central heating and cooling, and a full recreation package, designed for families and empty nesters rather than investors.

Its near neighbour, Crossroads at 10 Muirhead Road, was registered later the same year at the same height. If you are shopping here, look at both. They share a location and a format, but they are separate corporations with their own fees, reserve funds and rules.

Suites built for living, not for investors

Recorded suite sizes run from about 749 to 1,150 square feet, and current listings include two- and three-bedroom plans. That is the main attraction. A two-bedroom here is typically larger than a two-bedroom-plus-den in a new tower, and three-bedroom suites are almost impossible to find in newer buildings nearby.

With 1970s suites, condition varies widely. Some have been fully renovated; others still have original kitchens, bathrooms and closets. Budget for updating if you buy an original unit, and ask the corporation what approvals it needs for flooring and plumbing work.

Fairview Mall, the 404 and the Sheppard line

For daily life, the big draws sit just across the highway to the west: Fairview Mall and Don Mills station, the eastern end of Line 4 Sheppard. That gives you a shopping centre, a library and a subway terminal within a short trip, and the 401 and 404 for driving. The panel on this page shows the exact walk and transit times.

The immediate streets are quiet and residential, with parks and schools mixed among towers and houses. The trade-off is that you are next to a major highway, so suites on the west side can hear the 404. Ask which way a suite faces and visit at rush hour.

What 50 years of ownership means for buyers

Condominium corporations from the early 1970s were among the earlier ones in the province, and they have been through more major repair cycles than any newer building. By now, a building like this has likely replaced or refurbished many original systems at least once. The question is which ones, when, and how they were paid for.

That is why the paperwork matters more here than the finishes. A strong reserve fund and a clear, recent study mean the corporation can handle the next round of work, whether that is windows, balconies, elevators or the garage, without a large special assessment. A thin reserve means owners may be asked to make up the difference.

Long-standing buildings also tend to have long-standing owners. Many residents have lived here for decades, which often brings stable governance and a strong sense of community, but can also mean resistance to fee increases that the building needs. Reading two or three years of board minutes gives you a feel for how decisions get made.

Finally, the all-inclusive fee model is worth watching. Some older Toronto corporations have studied or installed individual suite metering for hydro to give owners more control over usage. I have no information that this building has done so, so ask the manager whether it has been discussed, because it would change how your monthly costs are split.

Pricing: low per square foot, high monthly fee

The building average is around $454 per square foot, which is very low for Toronto. You are paying for age and for the fee, but you are also getting a lot of space for the money. Newer towers around Fairview Mall and along Sheppard typically ask far more per square foot for much smaller suites.

Three suites were for sale when I prepared this review, asking from $399,900 to $549,900, with monthly fees from about $1,190 to $1,480. That fee covers hydro, heat, air conditioning, water, cable and parking. Compared with a newer building, where you would pay those separately, the difference is smaller than it looks, but it is still a high fixed cost, and it rises with energy prices and repair costs.

Because the fee is high, it also reduces how much a lender will approve. Talk to your mortgage broker with the actual fee in hand before you shop, so you know your real budget rather than the one an online calculator gives you. The sales panel shows what has actually traded here; for a deeper read, request my building sold report.

Building specifications

Amenities at 5 Old Sheppard Avenue Condos

An indoor pool, a gym, a sauna and a tennis court give you a full recreation package without a club membership, and a security guard on site adds peace of mind. The flip side is that these facilities are expensive to run and eventually rebuild, and that is part of why the fee is high.

Jatin’s honest take on 5 Old Sheppard Avenue Condos

5 Old Sheppard Avenue Condos — frequently asked questions

Looking at Downsview, Weston, York University Heights, Rexdale and northwest Toronto more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.